Lemonis: When selling Crumbs isn’t enough, diversify!

Entrepreneurs can learn by seeking advice from business owners before them - especially Marcus Lemonis of CNBC's "The Profit." With his hands in more than 100 businesses, Lemonis dispenses advice daily on social media. Here on "The Biz Fix" he answers some often-asked questions.

For some entrepreneurs, the best education comes from the real world—by making mistakes, learning from them and by seeking advice from business owners who've failed and succeeded before them.

A good candidate to learn from is Marcus Lemonis of CNBC's "The Profit." The CEO of Camping World and Good Sam, he has his hands in more than 100 businesses, and he's planning to add another one—Crumbs Bake Shop, a once-popular cupcake chain that went into bankruptcy in early July.

He dispenses advice every day on social media and via e-mail. Now on the "The Biz Fix," he's answering some of the most popular questions.

CNBC (R) | JB Reed | Bloomberg (L) | Getty Images

Marcus Lemonis plans to provide financing for the struggling cupcake chain as a prelude to an acquisition.

What's a good type of business to invest in and why?

Good investment opportunities include businesses with relatable products and services that go beyond fads to possibly last for generations.

Lemonis also likes businesses that have diversified product offerings. At Crumbs, he wants to sell more than cupcakes. He and an investor group plan to turn the bake shops into snack food destinations. He'll sell products from his other brands, like Mr. Green Tea, Matt's Cookies and Sweet Pete's candies.

"You can't run a business on just cupcakes," he said. "When we reopen, we're going to have a diversified offering."

How important is listening to your gut in business?

Lemonis frequently makes handshake deals based on gut decisions. But he doesn't invest his own money purely on a whim.